Illinois Compiled Statutes 40 ILCS 15/1.9 – Appropriations for State Pension Obligation Acceleration Bonds
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Terms Used In Illinois Compiled Statutes 40 ILCS 15/1.9
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
If for any reason the aggregate appropriations made available are insufficient to meet the levels required for the payment of principal and interest due on State Pension Obligation Acceleration Bonds under Section 7.7 of the General Obligation Bond Act, this Section shall constitute a continuing appropriation of all amounts necessary for those purposes.